Exercise 24-9 Legend Service Center just purchased an automobile hoist for $34,300. The hoist has an 8-year life and an estimated salvage value of $3,900. Installation costs and freight charges were $3,380 and $880, respectively. Legend uses straight-line depreciation. The new hoist will be used to replace mufflers and tires on automobiles, Legend estimates that the new hoist will enable his mechanics to replace 5 extra mufflers per week. Each muffler sells for $76 installed. The cost of a muffler is $40, and the labor cost to install a muffier is $14. Compute the cash payback period for the new hoist. (Round answer to 2 decimal places, e.g. 10.50.) Cash payback period years Compute the annual rate of return for the new hoist. (Round answer to 1 decimal place, e.g. 10.5.) Annual rate of return Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT VIDEO: APPLIED SKILLS